Hayes Lemmerz has reported that its sales for the second quarter ended July 31, 2006 were US$583.4m, up 4.9% from $556.0m a year earlier.

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Earnings from operations for the fiscal second quarter were $10.8m, significantly improved from a loss from operations of $48.6m in the year earlier quarter. For the second fiscal quarter, the company’s net loss was $26.9m, improved from a loss of $70.3m in the prior year quarter.


The company reported adjusted EBITDA for the second quarter of 2006 of $49.1m, an improvement of $10.9m over the year earlier quarter and YTD adjusted EBITDA was $97.9m, a $1.9m improvement from a year earlier.


During the second quarter 2006, the company put in place North American employee compensation restructuring programs that are expected to save $25m in 2006 and $10m per year ongoing and business unit restructuring initiatives that are expected to save $25m per year ongoing.


The company also entered the Russian marketplace during the quarter with a licensing arrangement that will combine advanced Hayes Lemmerz steel wheel technology with a local business partner’s market knowledge and experience.

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Curtis Clawson, President, CEO and chairman of the Board said: “Some 75% of our $385m of new business wins in the first half are in international markets, including major wins with Japanese and Korean automakers including Toyota, Hyundai, Nissan and Honda, as well as European manufacturers including Volkswagen, Audi, BMW, Renault and Fiat; in the North American market we are increasingly diversifying our product mix with more cross-over SUVs and more passenger cars,” he said. “Given the changing buying patterns of American consumers, this is very important for us.”


For the full year, Hayes Lemmerz expects to achieve sales of $2.2 billion to $2.3 billion, improved EBITDA compared with 2005, and capital expenditures of $80m to $90m. Capital expenditures in the first half totaled approximately $30m. For the remainder of the year, the Company will focus its capital expenditures on expanding capacity in low-cost strategic markets, including capacity expansions at Czech, Thai and Turkish aluminum wheel plants and its India truck steel wheel plant.